The Project consists of the design, financing, construction, and operation of the Port of Salaverry in Trujillo, Peru. The Port has been in operation since the 1960s and is the natural import/export terminal of the city of Trujillo (the third largest in Peru, with a population of 1 million) and the nearby agribusiness and mining regions. In October 2018, a concession through an international tender was granted to TRAMARSA, by means of which it assumes responsibility for the extension of the facilities and the operation and maintenance (O&M) of the Port for 30 years. Salaverry is a multipurpose terminal. It moves various types of cargo, such as wheat, corn, sugar, fertilizers, mining concentrates, and others. It is mainly an import terminal, but has the potential to expand exports significantly, mainly due to recent and important agribusiness developments in the Port's area of influence.
The concession requires implementing investments in six phases. Phases 1 and 2 are mandatory and are not subject to capacity utilization, while the others will be triggered when the terminal reaches certain volume thresholds. The proposed financing is for Phases 1 and 2, and for the early implementation of some of the functional components of Stages 3 and 4 that provide operational flexibility to the Port (thus improving its competitiveness).
The Port will charge fees for standard services (ship, cargo, and passenger services, etc.). The concession contract sets the maximum regulated fees that may be charged by the Concessionaire. Fees will be reviewed every 5 years from the start of operations of Phases 1 and 2, based on inflation minus the increase in the productivity factor. This follows the general concession regime for private ports in Peru, of which TRAMARSA is the largest local operator, with two other port concessions in operation. The credit transaction consists of an 8-year short-term loan, with an underlying instrument of up to 18 years.
The Project’s area of influence includes four regions (Ancash, La Libertad, Lambayeque, and Cajamarca) that represent more than 12% of Peru's national GDP. Upon completion of the Project, the Port of Salaverry will be able to receive larger vessels and offer a more comprehensive set of services, which will ultimately strengthen global competitiveness in the region. The 2.5 million metric tons per year that the Port currently manages is expected to double at the end of the life cycle of the concession. In addition, technological improvements are expected to increase the efficiency of the Port, reducing logistics costs for the benefit of the region’s exporters and importers.